Ann: Quarterly Activities Report March 2017, page-12

As for the potential for a RED merger/acquisition that looks to be totally off the cards now after this quarter...

Can't be thinking about acquisitions when MML's own operations are burning cash.

As for diversifying away from the Philippines, I agree geographic diversification would be ideal, but RED seems like a more realistic and immediate opportunity.

I think the "in for a penny; in for a pound" rule applies here.

Certainly worth considering. Or at least it was. Not sure if MML is in a position to do anything on that front for quite awhile now.

A scrip deal with MML's share price was at 50c (to offer RED shareholders a exit at a premium) - instead after this quarterly we are now going to have a share price drifting around in the 30s and a dwindling cash pile that is going to get investors nervous about its own capital raise.

And I suspect in time RED share price will appreciate - especially if Gina isn't approved. At which point it will be opportunity missed (for both companies; they are better together).